Mar 31, 2014
We have audited the accompanying financial statements of The Jamshri
Ranjitsinghji Spinning & Weaving Mills Company Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2014, the Statement of
Profit and Loss and Cash Flow Statement for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956 read with the General Circular 15/2013 dated T3th September,
2013 of the Ministry of Corporate Affairs in respect of Section 133 of
the Companies Act, 2013.This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issue by The Institute of Chartered
Accountants of India. Those standards required that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performance procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparations and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required and read the act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2014;
(b) In the case of Statement of Profit and Loss of the ''Profits'' of the
Company for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1 )(g) of
the Companies Act 1956/164(2) of Companies Act, 2013.
ANNEXURETO INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date to the members
of TheJamshri Ranjitsinghji Spinning & Weaving Mills Company Limited on
the financial statement for the Year ended March, 31 2014.
(i) In respect of its fixed assets:
(a) The Company is maintaining proper records to show full particulars,
including Quantitative details and situation of all fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its going concern status. (ii) In respect of
its inventories:
(a) As explained to us, inventories were physically verified by the
management at the end of the year. In our opinion, the frequency of
verification is reasonable.
(b) As per the information given to us, the procedures of physical
verification of inventories followed by management are, in our opinion,
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has granted unsecured loan to a party covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum outstanding amount was Rs 10,00,000 and year end balance
was Rs. NIL
(b) The rate of interest and other terms and conditions of unsecured
loans given by the company are prima facie not prejudicial to the
interest of the company.
(c) The receipt of the principal amount and the interest is as
stipulated and regular.
(d) There is no overdue amount and hence no recovery steps were
required.
(e) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured from Companies,
firms and other parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii)
(f) and (g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the informed internal
control systems.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act have been entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements entered in register maintained under Section 301 of the
Companies Act 1956, and exceeding the value of rupees five Lakh in
respect of any party during the year, have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
(vi) The Company has not accepted any deposits from the public to which
the provisions of sections 58A, 58AA or any other relevant provisions
of the Companies Act, 1956 and the rules framed there under would
apply.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government, the maintenance of cost records has been prescribed
under section 209(1) (d) of the Act. We are of the opinion, that prima
facie the prescribed accounts and records have been made and
maintained. The contents of these accounts and records have not been
examined by us.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the company
is regular in depositing undisputed statutory dues including provident
fund, investor education and protection fund, employees state
insurance, income tax, sales tax, wealth tax, service tax, custom duty,
excise duty and other statutory dues with the appropriate authorities.
There are no undisputed amounts outstanding in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, sales tax, wealth tax, service tax, custom duty,
excise duty and other statutory dues outstanding as at 31st March 2014
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no disputed amounts
outstanding in respect of Income Tax, Sales Tax/ Wealth Tax/ Service
Tax / Custom Duty / Excise Duty as at 31st March 2014.
(x) The accumulated losses at the end of financial year do not exceed
the net worth of the company. The company has earned cash profit during
the year and in the immediately preceding year.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to financial institution or bank.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealer or trader in securities. The
Company has not invested surplus funds in marketable securities and
mutual funds.
(xv) In our opinion, and according to the information and explanation
given to us, the company has not given any guarantee for the loans
taken by others from banks or financial institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us, the company has not availed any new term loan during the
year.
(xvii) According to the information and explanations given to U6 and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii)The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
(xix) The Company has not issued any debentures; accordingly, the
question of creating a security for such debentures does not arise.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instances of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by management.
For and on Behalf of
MITTAL & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106456W)
M. Mehta
Partner
M. No. 42990
Place: Mumbai,
Dated: 28th May, 2014
Mar 31, 2012
We have audited the attached Balance Sheet of The Jamshri Ranjitsinghji
Spinning & Weaving Mills Company Limited as at 31 st March, 2012 and
the Profit and Loss Account for the year ended on that date annexed
thereto and the Cash Flow statement for the year ended on that date.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003, as
amended by companies (Auditor's Report) (Amendment) Order, 2004 (the
Order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
Further to. our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. Related party transactions referred to in note
no. 2.6 are as disclosed by the Company, we are unable to confirm that
the list is an exhaustive compilation of all the related parties as
defined in Accounting Standard 18
(v) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 31st March 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
(vi) We draw attention in respect of unutilized Cenvat credit amounting
to Rs. 100.60 lacs appearing in the books; we are informed that the
management is actively considering available alternatives for utilizing
this balance.
(vii) We draw attention in respect of deposit and maintain separate
account for the gratuity which is required by AS-15.i.e.Employee
Benefits. The company has done actuarial valuation and made provision
for the same but has not maintain the Separate Account for gratuity
which is required by AS-15
(viii) Subject to Para (vii) above, we report that in our opinion and
to the best of our information and according to the eixplanations given
to us, the said accounts give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date and ;
(c) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
Referred to in paragraph 3 of our report of even date',
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. To the best of our knowledge, no material discrepancies were
noticed on-such verification.
(c) In our opinion, no substantial part of the fixed assets has been
disposed off during the year.
(ii) (a) As explained to us, physically verification has been conducted
by the management at reasonable intervals in respect of inventory.
(b) The procedure of physical verification by the management, in our
opinion is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies have been noticed on physical
verification of the stocks as compared to book records.
(iii) (a) As informed, the company has not taken any loans, secured,
and unsecured loan from companies, firms or other parties listed in the
register maintained under section 301
(b) As informed, the company has not granted any loans, secured, or
unsecured to companies, firms and other party listed in the register
maintained under section 301 of the Companies Act, 1956 during the
year. Accordingly, sub- clause (f) and (g) are not applicable.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, no major weakness has been
noticed in the internal control system in respect of these areas.
(v) (a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposit from the public within the meaning
of Sections 58A, 58AA of the Act and the rules framed there under.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) The Central Government under Section 209(1 )(d) of the Companies
Act, 1956, has prescribed the maintenance of cost records. On a prima
facie examination, such records are duly maintained. We have not,
however, made a detailed examination of the same.
(ix) (a) According to the records of the Company, Provident Fund,
Investor Education and Protection Fund, Employees' State Insurance,
Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise
duty, cess and other material statutory dues applicable to it have been
generally regularly deposited during the year with the appropriate
authorities.
According to the information and explanations given to us, undisputed
dues in respect of Provident Fund, Investor Education and Protection
Fund, Employees' State Insurance, Income-tax, Wealth-tax, Service
tax, Sales-tax, Customs duty, Excise duty, cess and other statutory
dues which were outstanding, at the year end for a period of more than
six months from the date they became payable are as follows:
Name of the
Statute Nature of
Dues Amount Period to
which Due Date Date of
(Rs. Lacs) amount
relates Payment
Maharashtra
Value Value
Added Tax 0.19 2006-2007 Various
dates Not yet
paid
Added
Tax Act
(b) According to the information and explanations given to us, there
are no Income tax, Sales tax, Wealth tax, Service tax, Custom duty.
Excise duty and cess which have not been deposited on account of any
dispute.
(x) The accumulated losses at the end of financial year do not exceed
the net worth of the company. The company has earned cash profit during
the year and in the immediately preceding year
(xi) In our opinion and according to the information and explanations
given to us, the company has no dues to financial institution, or
debenture holders.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other similar
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the Company is not a dealer or trader in shares,
securities, debentures arid other investments. Hence clause 4(xiv) is
not applicable to company.
(xv) In our opinion, and according to the information and explanation
given to us, the company has not given any guarantee for the loans
taken by others from banks or financial institutions during the year.
(xvi) In our opinion and as per the information and explanation given
to us that working capital loan limit is enhanced to Rs. 160 lacs,
which are secured by hypothecation of stocks of Raw materials &
Finished goods.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term funds have not been used for long-term
application.
(xviii) The company has not made any preferential allotment of shares
to the parties and companies covered in the register maintained under
section 301 of the Act. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the company does not arise.
(xix) According to the information and explanations given to us, the
company has not issued debentures during the year.
(xx) According to the information and explanations given to us, no
public issues have been made during the year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For and on behalf of
MITTAL & ASSOCIATES
Chartered Accountants
F.R.NO.: 106456W
M. MEHTA
Partner
Place: Mumbai M.No: 42990
Date: 21/05/2012
Mar 31, 2011
We have audited the attached Balance Sheet of The Jamshri Ranjitsinghji
Spinning & Weaving Mills Company Limited as at 31st March, 2011 and the
Profit and Loss Account for the year ended on that date annexed thereto
and the Cash Flow statement for the year ended on that date. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003, as amended
by companies (Auditors Report) (Amendment) Order, 2004 (the Order)
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. Related party transactions referred to in note
no. 12 of Notes to Account are as disclosed by the Company, we are
unable to confirm that the list is an exhaustive compilation of all the
related parties as defined in Accounting Standard 18. For disclosures
as per Accounting Standard 17 refer note no 7 of Notes to Account.
(v) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors are disqualified as on 31st March 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
(vi) We draw attention to Note No. 8 in respect of unutilized Cenvat
credit amounting to Rs. 100.60 lacs appearing in the books, we are
informed that the management is actively considering available
alternatives for utilizing this balance.
(vii) We report that in our opinion and to the best of our information
and according to the explanations given to us, the said accounts give
the information required by the Companies Act, 1956, in the manner so
required and read with note no. 15 of Notes to Accounts give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date and ;
(c) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors Report
Referred to in paragraph 3 of our report of even date,
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A substantial portion of the Fixed Assets have been physically
verified by the management during the year, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. To the best of our knowledge, no material discrepancies were
noticed on such verification.
(c) In our opinion, no substantial part of the fixed assets has been
disposed off during the year.
(ii) (a) As explained to us, physically verification has been conducted
by the management at reasonable intervals in respect of finished goods.
(b) The procedure of physical verification by the management, in our
opinion is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. No material discrepancies have been noticed on physical
verification of the stocks as compared to book records.
(iii) (a) As informed, the company has not taken any loans, secured,
and unsecured loan from companies, firms or other parties listed in the
register maintained under section 301.
(b) As informed, the company has not granted any loans, secured, or
unsecured to companies, firms and other party listed in the register
maintained under section 301 of the Companies Act, 1956 during the
year. Accordingly, sub- clause (f) and (g) are not applicable.
(iv) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, no major weakness has been
noticed in the internal control system in respect of these areas.
(v) (a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposit from the public within the meaning
of Sections 58A, 58AA of the Act and the rules framed there under.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) The Central Government under Section 209(1)(d) of the Companies
Act, 1956, has prescribed the maintenance of cost records. On a prima
facie examination, such records are duly maintained. We have not,
however, made a detailed examination of the same,
(ix) (a) According to the records of the Company, Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and
other material statutory dues applicable to it have been generally
regularly deposited during the year with the appropriate authorities.
According to the information and explanations given to us, undisputed
dues in respect of Provident Fund, Investor Education and Protection
Fund, Employees State Insurance, Income-tax, Wealth-tax, Service tax,
Sales-tax, Customs duty, Excise duty, cess and other statutory dues
which were outstanding, at the year end for a period of more than six
months from the date they became payable are as follows.
Name of the Nature of Dues Amount Period to which Due Date
Statute (Rs. Lacs) amount relates -
Maharashtra Vaiue Added 0.19 2006-2007 Various
value Tax dates
Added Tax
Act
Textile Cess 1.50 October
Committee 06 to Various
payalable May 07 dates
Name of the Date of payment
Statute
Maharashtra Not yet paid
value
Added Tax
Act
Textile Not yet paid
Committee
payalable
(b) According to the information and explanations given to us, thereare
no Income tax, Wealth tax, Service tax, Custom duty, Excise duty and
cess which have not been deposited on account of any dispute.
(x) The accumulated losses at the end of financial year do not exceed
the net worth of the company. The company has earned cash profit during
the year and in the immediately preceding year.
(xi) In our opinion and according to the information and explanations
given to us, the company has no dues to financial institution, or
debenture holders.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other similar
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
(xv) In our opinion, and according to the information and explanation
given to us, the company has not given any guarantee for the loans
taken by others from banks or financial institutions during the year.
(xvi) In our opinion and as per the information and explanation given
to us that fresh Cash Credit has been obtained during the year having
maximum limits of Rs. 35.00 lacs, which are secured by hypothecation of
stocks of Raw materials/Finished goods.
(xvii)According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term funds have not been used for long-term
application.
(xviii)The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
section 301 of the Act. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the company does not arise.
(xix) According to the information and explanations given to us, the
company has not issued debentures during the year.
(xx) According to the information and explanations given to us, no
public issues have been made during the year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For and on behalf of
MITTAL & ASSOCIATES
Chartered Accountants
F.R. No.: 106456W
M. MEHTA
Partner
M.No: 42990
Place: Mumbai
Date : May 12,2011